You are reading Entrepreneur India, an international franchise of Entrepreneur Media.
Varun Satyam, co-founder and CEO of Davos Protocol, started his career as a freelance graphic designer, but his entrepreneurial spirit took flight during his junior year of college. “My talent and business acumen led me to be selected as one of the first five student startups under the Sunrise Startup Program by the Andhra Pradesh government. “I was recognized for building student entrepreneurship in the state. This was recognized by the PMO and I received the Shri “I was invited to join the Startup India Initiative launched by Narendra Modi,” said Co-Founder of Strip Finance, Ankr, Bitfinex, and Tether Foundation.
In his fourth year, he was selected for sv.co's Entrepreneurship Minor, gaining national recognition for his abilities. “Out of 10,000 teams, my team was among the top 7 teams, which is an important milestone. At that time, I founded Advoge, an ad tech-based startup, and participated in Web Summit Lisbon. I was one of the first 10 startups from India to exhibit.This was further highlighted when I won the Startup Junction TV show on Tv5 News Channel. As a student entrepreneur, I wrote a letter to Richard Branson for the first time and received a response that garnered attention from multiple local news outlets,” says Satyam. After performing globally at Web Summit, he shifted his focus to blockchain technology. “I spent two months as an entrepreneur at the Darwin Research Institute before launching my own venture called Almora, a new-age crypto investment bank. The company had to shut down following the market crash in 2018. The setback led him to work with major cryptocurrency companies.'' But why did he decide to start the Davos Protocol? Have you reached it?
“Amidst the Defi boom and the rise of Terra Luna, we realized that overcollateralized stablecoins cannot survive any market conditions. This is a bull market only vehicle. “I spoke with a colleague, the leader of Defi.” “Then Filipe started working on the basic ideas that would lead to the development of Davos. We realized that we could provide a way for people to save and grow their capital with minimal risk, no matter the situation.”
Commenting on the features of this concept, Mr. Satyam says: “Currently, we know that there are investment options that individuals can earn only if they invest and lock up their capital.For example, FDs, RDs, etc. earn interest in the range of 5-7%; is locked and cannot be used Leveraged blockchain proof of stake mechanisms Provides sustainable returns ranging from 9-14% from POS mechanisms depending on different blockchain reward ratios This product is the first permissionless and overcollateralized stablecoin minting protocol that is fully decentralized and permissionless, allowing it to generate global sustainable yields.”
His startup has served more than 10,000 customers to date. Satyam says 2023 was a great year. “In his first week after soft launch, locked trading volume reached his $2 million. Since then, his average daily trading volume has been at his $1.5 million.”
The company has reached the break-even point and expects large volumes of Ethereum trading in 2024 as the market turns into a bullish halving. The company is also considering expanding into multiple chains. “We initially started with just Polygon Chain, but now we’re building on top of things like Ethereum and Arbitrum.”
Number of co-founders: 3
Number of employees: 18 people
Start year: 2023
External investors: Dao5, Symbolic Capital, Polygon Ventures, J10m Ventures, Jun Capital.maple block